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ASPE / PE GAAP vs IFRS FOR PRIVATE ENTERPRISES
(1 DAY)
2011 is a year at the crossroads for Private Enterprises. Canadian GAAP will be disappearing and will be replaced by IFRS or Private Enterprise GAAP (PE GAAP), also officially known as Accounting Standards for Private Enterprises (ASPE). Public companies have no choice in the matter – they will be converting to International Financial Reporting Standards (IFRS). However, private companies, regardless of their size or scope, have a choice between Private Enterprise GAAP (ASPE) and IFRS. How should they decide and what are their timelines? Should they make a permanent choice in 2011 or should they make a temporary choice and then convert fully in the future to their selected option?
This course provides an overview of the key differences between PE GAAP and our current GAAP. It also highlights some key differences with IFRS and presents the key decision factors private enterprises should be considering when evaluating their two options.
Topics covered
Topics include:
- The recent developments and changes to Canadian financial reporting
- Overview of the differences between Private Enterprise GAAP and current Canadian GAAP
- Investments
- Subsidiaries
- Joint ventures
- Goodwill and other intangibles
- Research & Development
- Asset retirement obligations
- Employee future benefits
- Accounting for income taxes
- Stock-based compensation
- Financial instruments
- Requirements for first-time adoption of PE GAAP
- Overview of IFRS
- Key decision criteria to consider when choosing between PE GAAP and IFRS
Workshop format
This workshop is highly interactive. Participants will see the impact of the new accounting standards first hand by working through exercises and reviewing statements prepared using different accounting standards.
Who will benefit
This course is an introduction to IFRS and PE GAAP. It is intended for accountants looking to updates themselves on the new accounting standards as well as analysts, managers, Senior Executives of Canadian private companies looking to understand the differences between current GAAP and Private Enterprise GAAP so that they can make an informed decision as to whether to adopt PE GAAP or IFRS in 2011.
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Price: $649
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